The rent prices in real estate in East London, in the Eastern Cape region have risen considerably in the last couple of months. There has been a strong rise in the rent prices this city.
The price per m² in East London has risen strongly during the last 6 months. In October, the average price per m² was R 70,71. In the following month the price per m² fell to R 60,4. In the following two months the price per m² has practically remained the same, going from R 65,56 to R 63,56 per m². The price per m² has had a considerable rise of 233 % in the last two months compared to the average price for the previous four months. This was obtained by comparing the first four months of the period going from a price per m² of R 64,56 to R 150,45 during February, and March.
When referring to the price in East London (cities & towns), this has fallen considerably in the last 6 months. The average price for October is R 13 874. During November the price had a slight fall till R 13 025. During the following two months (December, January) the average price had a considerable fall of 83 % with regard to the previous two months. During the last two months the average price has fallen greatly compared to the previous four going from R 12 298,75 to R 9 252,5, which means a 75 % fall.
The graph displaying the average rent price for bedrooms illustrates that those properties with 1 bedroom are the most affordable ones. At a price of R 9 456 they are 56 % more affordable than the average price for East London . The properties with the highest average price have 4 bedrooms, Their price is 53 % more expensive than the average. After that we have properties with 3 bedrooms priced at R 11 355.
With regard to the average price per m², those properties with 4 bedrooms are the most affordable ones at a cost of R 24 / m², with an average R 185,54 / m² price in East London. The properties with the most affordable average prices have 1 bedroom. They are 42 % more affordable than the average followed by properties with 2 bedrooms with a price at R 99 / m².
The graph displaying the average rent prices displays the property type "Flat" as the most affordable one. At an cost of R 9 456 it is 53 % more affordable than the average price in East London. "Land" is seen as the second most affordable property type. The most expensive property type is "Apartment" followed by "House". At a price of R 11 477 it is 82 % more expensive than the average price.
According to the average cost per m², the most affordable property is "Land" at an average price of R 43 / m² followed by "Townhouse" priced at R 100 / m². "Apartment" is the most expensive type of property with a R 15 182 / m² value followed by "House" with an average price of R 5 941 / m².